Global air cargo chargeable weight increased by 2% week-on-week (WoW) in the week of 12–18 October 2026, driven by a strong recovery in exports from Asia Pacific following the Golden Week holiday period. Global air freight rates also rose by 4%, while capacity expanded by 2%, according to the latest market data.
Asia Pacific Leads Volume Recovery
Asia Pacific exports rebounded by 9% WoW, offsetting declines across other origin regions. Tonnages from Asia Pacific to Europe and the United States increased by 13% and 10%, respectively.
Hong Kong and China led growth on the transpacific route, with volumes to the United States rising by 27% and 18%, respectively. Shipments from South Korea to Europe surged by 34%, followed by China at 22%, Singapore at 16% and Hong Kong at 11%.
However, regional performance varied by destination. Asia Pacific chargeable weight to the United States was 14% higher year-on-year (YoY), supported by continued strength in AI-related shipments. In contrast, volumes to Europe declined by 16% YoY, reflecting weaker traffic from Hong Kong, China and Vietnam.
Regional Volumes Decline Outside Asia Pacific
While Asia Pacific recorded strong growth, chargeable weight declined across other origin regions during the week. North America registered the sharpest fall at 5%, partly attributed to national holidays in Canada and the United States. Central and South America declined by 4%, the Middle East and South Asia (MESA) by 3%, Europe by 2% and Africa by 1%.
MESA tonnages fell by 6% to Europe and 4% to the United States. Nevertheless, on a year-on-year basis, shipments from MESA to the United States increased by 24%, driven by strong growth from India and Bangladesh. Volumes from the region to Europe declined by 13%.
Capacity and Air Freight Rates Increase
Global air cargo capacity rose by 2% WoW, recovering from two consecutive weeks of decline. Capacity from Asia Pacific increased by 6% as exports resumed after the holidays. Europe recorded a 2% increase, while North America and Central and South America each grew by 1%. Capacity declined by 2% in both Africa and MESA.
Global air freight rates increased by 4% WoW, with prices rising across all origin regions except Africa, where rates fell by 4%. Asia Pacific rates climbed by 4%, followed by Central and South America at 3%, MESA at 2%, and Europe and North America at 1% each.
Compared with the same period last year, global air freight rates were almost 30% higher. MESA recorded the largest increase at 61%, followed by Asia Pacific, Europe, North America and Africa, where rates rose between 25% and 29%. Central and South America registered a more moderate increase of 7%.
Transpacific Peak Season Outlook Remains Strong
Air freight rates from Asia Pacific to the United States rose by 6% WoW, while rates to Europe increased by 1%. Singapore stood out with a 23% rate increase on the transpacific route.
Year-on-year, Asia Pacific rates to the United States were up 41%, while rates to Europe increased by 25%. Continued strength in AI-related cargo flows is supporting expectations of a strong peak season on transpacific routes.
The outlook for Asia Pacific–Europe traffic remains more uncertain. From 1 November 2026, a €2 handling fee is scheduled to apply to non-EU e-commerce imports, in addition to the €3 customs duty per item already in effect since 1 July 2026 for low-value consignments of up to €150. These measures may add further pressure to e-commerce shipments moving from Asia to Europe.
